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Tinubu suspends the CBN’s cybersecurity levy implementation.

President Bola Tinubu has directed a study and instructed the Central Bank of Nigeria to halt the cybersecurity levy policy’s implementation.
This came after the House of Representatives voted last Thursday to request that the CBN rescind the circular that mandated all banks start levying a 0.5% cybersecurity fee on all electronic transactions made in the nation. Following the guidelines outlined in the Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024, the CBN issued a circular on May 6, 2024, requiring all banks, mobile money providers, and payment service providers to impose a new cybersecurity charge.
The National Cybersecurity Fund, which is supervised by the Office of the National Security Adviser, will receive a levy equal to 0.5 percent of the total value of all electronic transactions, as per the Act. The fee must be applied by financial institutions at the origination point of electronic transfers.
The sum that has been withheld must be clearly indicated in client accounts with the label “Cybersecurity Levy” and sent by the financial institution. The fee must be implemented by all financial institutions within two weeks of the circular’s release. It follows that financial institutions should start deducting the fee on May 20, 2024. Remittances from financial institutions, however, must be made in bulk to the NCF account held at the CBN by the fifth business day of the following month.
The circular also provides financial institutions with a timeline for system reconfiguration in order to guarantee the timely and accurate submission of remittance files to the Nigeria Interbank Settlement Systems Plc. The timeline is as follows: “Banks providing payment services, merchant accounts, non-interest banks, and commercial accounts—within four weeks of the circular’s release.
The circular said that “all other financial institutions (development financial institutions, primary mortgage banks, and microfinance banks) – within eight weeks of the issuance of the Circular.”
The CBN has emphasized the need for rigorous adherence to this obligation and has threatened to impose harsh penalties on any financial institution that disobeys the rules. According to the Act, upon conviction, non-compliant entities face a minimum penalties equal to two percent of their yearly sales. To prevent the charge from being applied more than once, the circular offers a list of transactions that are currently considered eligible for exemption. These include salary payments, loan disbursements and repayments, intra-account transfers for the same client within the same bank or between banks, and intra-bank transfers between the same bank’s customers.
Transfers by other financial institutions to their correspondent banks, placements between banks, transfers by banks to the CBN and vice versa, transfers between branches within a bank, clearing and settling checks, letters of credit, and funding for banks’ recapitalization are among the exclusions. The transfer of large amounts of money from savings, deposits, and collection accounts, as well as transactions involving long-term assets like bonds, treasury bills, and commercial papers, as well as transactions related to government social welfare programs, are among the others.
These could include pension payments, charitable and non-profit transactions, such as donations to officially recognized charities or non-profit organizations, and transactions involving schools, universities, and other educational institutions. They could also include transactions involving the bank’s internal accounts, reserve accounts, nostro and vostro accounts, and escrow accounts. Stakeholders’ reactions to the proposed fee were mixed because it is anticipated to increase the cost of doing business in Nigeria and would impede the spread of digital transaction usage.
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Who Is Magnus Carlsen?

Born on November 30, 1990, Sven Magnus Øen Carlsen is a grandmaster in chess from Norway.
In addition to being the current World Chess Champion, he has won the World Rapid Chess Championship five times, the World Blitz Chess Championship seven times, and the Chess World Cup Champion five times. Since July 1, 2011, he has remained at the top of the FIDE world chess rankings, only surpassed in the amount of time by Garry Kasparov as the highest-rated player in the world. He also holds the record for the longest reign in this ranking. His 2882 peak rating is the highest in recorded history. With 125 games played, he also has the record for the longest winning run in top classical chess.
A chess prodigy, Carlsen became a grandmaster a few months after turning 13 and won first place in the Corus chess tournament in the C category. In addition to becoming the youngest player to ever qualify for the Candidates Tournament in 2005, he won the Norwegian Chess Championship at the age of 15. He tied for first place in Corus’ top group at the age of 17. At the age of 18, he became the youngest person to ever surpass a rating of 2800. He became the youngest person to ever rank #1 in the FIDE world rankings in 2010 at the age of 19.
In 2013, Carlsen overcame Viswanathan Anand to win the title of World Chess Champion. He won the 2014 World Rapid Championship and World Blitz Championship, holding the title against Anand the following year. This made him the first player to hold all three titles concurrently, a feat he repeated in 2019 and 2022. He faced off against Ian Nepomniachtchi in 2021, Fabiano Caruana in 2018, and Sergey Karjakin in 2016 to defend his classical world title. In 2023, Nepomniachtchi made it back to the championship match, but Carlsen turned down the opportunity to defend his crown this time around, claiming a lack of desire.
When he was a teenager, Carlsen was well-known for his attacking play, but he has now matured into a versatile player. He employs a range of openings to hinder opponents’ preparation and lessen the usefulness of computer analysis before to the game.
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Renowned actress Liz Benson makes a comeback to Nollywood

After a break of several years from performing, veteran actress Liz Benson has returned to Nollywood.
The seasoned actress, who is starring in the upcoming film “A Mother’s Son,” directed by Vincent De Anointed and produced by renowned actress Mercy Johnson, is returning to her first love.
In a behind-the-scenes video that Mercy Johnson shared on her Instagram page, the cast welcomed the seasoned actress with joy.
She claims that the renowned cast of the star-studded film includes, among others, Mike Godson, Mercy Johnson, Evia Simon, Ozioma Maurice, and George Inaibeh. Liz Benson exclaimed, “All the big people in Nollywood are here,” after being taken aback by her coworkers’ cordial greeting. “God bless you; you guys are doing amazing things.” It’s good to meet each of you in person. It is my first time to meet each of you. However, I’m here to see my daughter, Mercy Johnson. According to the News Agency of Nigeria (NAN), Etinan, Akwa Ibom, in southern Nigeria is the birthplace of Liz Benson, 58.
She began her acting career at the age of five in 1971, but it wasn’t until 1993 that she became well-known for her role as Mrs. Agnes Johnson in the NTA television serial opera “Fortunes.” Benson became well-known in the 1990s after starring in a number of iconic films and became well-known in the early Nollywood era.
Her roles in critically acclaimed films include those in “Glamour Girls,” “True Confession,” “Diamond Rings,” “Scores to Settle,” “Evil Men 1 and 2,” “Conspiracy,” and “Dead End,” among others.
Benson revealed that she is a born-again Christian and that she currently serves as a full-time ordained pastor before making her way back to Nollywood.
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Titi Cole intends to retire following a thirty-two-year career in finance

Titi Cole who served as the Head of Global Operations and Fraud Prevention and the Chief Client Officer for Citi’s Personal Banking and Wealth Management (PBWM) has declared her intention to retire from the financial services industry on May 14, 2024.
She posts on LinkedIn about her retirement aspirations and plans, stating, “
From a youth service posting in Lagos, Nigeria to the C – suite of one of the most important financial institutions in the world, I am thankful for the journey and that I get to decide that it is time to say goodbye and pursue other passions. My career has not been a linear path, but it has exceeded my biggest dreams.
I’ve had amazing experiences, grown as a leader and forged so many close friendships over the years, and I owe a big thank you to the many sponsors, and mentors who supported and advocated for me along the way. They told me what I now tell so many others – step out of your comfort zone.
Purpose has fueled my career and it has been a privilege to help advance economic mobility in communities around the world and also make our industry more representative of the clients we serve.
I am very fortunate to close out my banking career at Citi working for Jane Fraser, a truly inspirational leader, and will always be a proud Citi alum! In the last few years, I’ve had the incredible opportunity to work with colleagues around the world who delivered with excellence for the firm and our clients as we sought to divest our international consumer businesses and simplify the firm in a very significant and meaningful way.
As to what’s next? Some downtime first. I plan to travel with my husband and biggest supporter, Wale Cole to spend quality time with friends and family before beginning my next adventure in the nonprofit sector focusing on women and healthcare and giving back to the communities that have given so much to me.
I look forward to sharing more about my next chapter in 2025…”.
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